Amaroq expands in South Greenland copper belt

Amaroq Minerals (LSE: AMRQ; TSXV: AMRQ) has expanded its presence in southern Greenland following the award of a new licence that takes its total landholdings to 6,800 sq. km.

The Johan Dahl land licence covers 666.5 sq. km of the South Greenland copper belt, a region that Amaroq says has demonstrated high potential for copper-gold mineralization. The company now holds 3,147 sq. km of the copper belt through its Gardaq joint venture.

Shares of Amaroq Minerals jumped 6.3% by mid-Wednesday following the land award announcement. At $2.02 in Toronto, the stock is trading near a 52-week high of $2.17. The company has a market capitalization of $803.4 million.

Prior to the licence award, the Amaroq team had conducted an intensive field program across the Ukaleq target area. Sampling of exposed quartz and sulphide veins returned highly encouraging assay results, highlighted by grades of up to 12.3 grams gold per tonne and copper grades reaching 5.1%.

Copper, gold

Broader reconnaissance efforts have so far identified a 19-sq.-km zone of copper-gold anomalism, supported by detailed geochemical analyses. The company says its geochemical signature suggests a potential intermediate-to-high sulphidation epithermal system, similar to those recognized globally.

“The award of the Johan Dahl land licence and the promising early exploration results reaffirm Amaroq’s commitment to unlocking Greenland’s critical mineral potential,” James Gilbertson, VP exploration for Amaroq, said in a release.

“The South Greenland copper belt is rapidly emerging as a significant exploration district, and our work at the Ukaleq target has already demonstrated its significant resource potential.”

Following the land addition, Amaroq intends to integrate the results from the 2024 exploration program into a broader exploration strategy this year. Planned activities include geophysical surveys to refine initial drill targets at Ukaleq, geochemical sampling to further delineate high-grade zones within the 19-sq.-km zone, and exploration across the Johan Dahl licence to identify additional mineralized systems.

Amaroq’s principal development asset in southern Greenland is the past-producing Nalunaq gold mine, which it acquired in 2015. It completed its first pour in November.